Is it time to outsource your payroll?

Looking to save your business time, money, and stress? Perhaps it’s time to look at outsourcing your payroll system. 

It’s always good to assess what changes you could make to your business strategy to help you hit those goals that you have set out to achieve. Reviewing whether you outsource payroll is an important part of the discussion.

Payroll is such an important factor for a business to get right but doing it yourself also means it can be time consuming which takes you away from running your business and your business growth plans. A great exercise as part of your review is to work out how much time you have spent on payroll in the last year to see if outsourcing would benefit you. It’s also important to think about the times you may have been stressed about ensuring you get payroll right and whether support from a specialist payroll team could help.

Outsourcing Payroll could be the answer to your business growth plans. Working closely with an accountancy firm means you have a team of payroll specialists on hand to call on to advise on the regulations, deadlines and the help needed to complete the required forms for HMRC.

Your outsourced payroll company will help you in the following way:

• Process weekly, monthly or annual payrolls 
• Calculate payments for your new starters and any leavers 
• Ensure additional payments, deductions and statutory payments are dealt with in accordance with HMRC rules 
• Confirm the amount of PAYE due and when it should be paid 
•  Generate P60s 
• Keep you on track to meet deadlines and ensure your employees are paid on time 
• Ensure payroll data is submitted to HMRC in the correct format and on time 
• Liaison with HMRC on your behalf
• Automatically enrol employees into the company pension scheme when they become eligible

This list makes for quite some reading with each element carrying its own varying levels of complexities all demanding accuracy. When you break it down like this, outsourced payroll starts to make sense. 

Cloud-based payroll  

Cloud-based payroll software can provide you, the business owner, with the control and visibility that you require. It allows an employee the ability to login to their own secure account to review payslips on desktop devices and a secure smartphone application.

The cloud software solutions can provide data security and privacy as well as ensure that all communications are GDPR compliant. 

Payroll Companies also prepare and keep an eye out for potential cyberattacks by utilising technology that detects and alerts them to suspicious activity. 

Payroll Oxted

We work directly with individual business owners, small to medium enterprises as well as HR departments in large businesses to implement payroll solutions that are right for the company. If you’re unsure about whether outsourcing payroll is right for you, why not take advantage of our initial one hour free consultancy offer to discuss your plans further.

We offer accountancy services to help your business manage everything financial, including bookkeeping, fully managed Payroll Services, audits, and more. Let us help you navigate this complex but crucial business function. Contact Our Accountants In Oxted to get started!